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Train Alliance Sweden (TRAIN) investor relations material
Train Alliance Sweden Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 2026 marked by significant financial losses and major accounting corrections following the discovery of irregularities and governance failures.
New CEO Jenny Johansson appointed in January 2026, with immediate focus on crisis management and restoring trust.
Ongoing forensic investigation by EY revealed fabricated contracts and unauthorized transactions in property deals.
Trading in shares suspended since March 2, 2026, due to suspected misconduct.
Financial highlights
Operating income for Q1 2026 was SEK 32.0m, down from SEK 57.1m year-over-year.
Operating result was SEK -11.1m (Q1 2025: SEK 10.1m); net result SEK -19.0m (Q1 2025: SEK 6.9m).
Earnings per share was SEK -0.24 (Q1 2025: SEK 0.09).
Cash flow from operations was SEK -55.3m (Q1 2025: SEK -40.2m); cash and equivalents at period end SEK 30.1m.
Equity per share at SEK 14.75, down from SEK 14.99 at year-end after corrections.
Outlook and guidance
Further accounting corrections are expected as investigations continue.
External valuation of property assets underway; potential for further write-downs if market values are lower than book values.
Focus on strengthening liquidity through new business and short-term financing options.
- Record profits and revenue growth in 2025, fueled by land sales and infrastructure projects.TRAIN
Q4 202520 Feb 2026 - Strong Q3 profit growth and margin expansion, with major investments and positive outlook.TRAIN
Q3 202528 Oct 2025 - Revenue and profit rose sharply in Q2 2025, driven by consulting and infrastructure projects.TRAIN
Q2 202512 Aug 2025 - Revenue, profit, and margins rose in Q3, with a key EU grant boosting future rail projects.TRAIN
Q3 202413 Jun 2025 - Q2 revenue up 27% year-over-year, with strong project pipeline and high equity ratio.TRAIN
Q2 202413 Jun 2025 - Operating profit and net income increased, with strong project pipeline and robust liquidity.TRAIN
Q1 20256 Jun 2025 - Stable 2024 results; EU-backed SMARTCargo and new contracts drive positive 2025 outlook.TRAIN
Q4 20245 Jun 2025
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